In the cryptocurrency mining industry, DODE miners have generated a total revenue worth $1 billion as of November, according to CoinMetrics, a data analytics website.
The Elon Musk-sponsored cryptocurrency has recorded a new milestone. The total revenue generated by miners globally has now exceeded $1 billion since the token’s inception. DOGE miners continue to earn more money by leveraging the meme coin’s success.
DOGE miners’ revenue reached the billion-dollar milestone on November 13 this year. In the charts displayed by CoinMetrics as of December 9, the token’s total revenue stands at $1.08 billion.
The meme coin sensation has seen sustained development this year, gradually growing from its trade price of $0.003075 in January to reaching an all-time high of $0.7376. As of press time, DOGE trades at $0.168.
DOGE Mining Overview
Doge miners add over 14 million tokens to the market daily; this essentially means that 10,000 Dogecoins are mined every minute worldwide. Mining income from DOGE has increased impressively this year. The growth is due to DOGE’s increasing utility in the cryptocurrency marketplace.
The chart featured above shows the increase in revenue generated from mining in USD. The chart was sourced from CoinMetric’s website. The gain shown comprised of fees incurred and rewarded native units.
As can be observed from the chart, the total revenue of DOGE mined at the start of the year in January was $108 million. The revenue mined has since increased, evidenced by the steep ascending slope in the graph. It now stands at $1.08 billion, a tenfold increase of year open value.
The growth in miner revenue only started to gain momentum in April, which coincides with DOGE’s price surge in the crypto market space. During this period, investors began to notice the token, investors’ interest coupled with continual endorsements from billionaire Elon Musk has increased the coin’s intrinsic value. Given this, it is only natural that DOGE miners earn more down the road.
DOGE Price Movement
DOGE trades at $0.168, down 0.94% in the last 24 hours as press time. The current trading price shows a 1.06% increase since last week. Since hitting its all-time high, DOGE has been on a downward trend. It currently has a market capitalization of $22 billion. All stats reported was sourced from Coinmarketcap.
DOGE In Coinmarketcap Ranking
Coinmarketcap is the world’s leading price tracking platform for cryptoassets. The coin ranks cryptocurrencies on its webpage based on their market capitalization. A coin ranking on Coinmarketcap reflects its intrinsic value, providing investors with enough information to aid their decision-making.
Earlier this year, Dogecoin moved up the ranking list and secured the no 5. After repeated promotions from Elon Musk, the price increase is only natural.
DOGE has since fallen from Coinmarketcap’s top 10 cryptocurrencies and is now ranked 11th.
Compared to other meme coins Shiba Inu and Floki Inu, DOGE has enjoyed the most success. The basis of this comparison is valuation leverage on Coinmarketcap ranking; in other words, DOGE is the only meme coin to have ranked as high as no 5 in the platform’s order.
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